Copel to launch up to $1 billion privatization bid (NYSE:ELP)

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Brazilian electric utility Companhia Paranaense de Energia (NYSE:ELP), or Copel, +1.9% in Tuesday trading after revealing plans to launched a public stock offering on July 25 or 26 for a total of 5 billion reais (~$1 billion) to take the company private; the stock resumed trading after a brief pause.

Copel (ELP) said the offering would total 4.3B-5B reais based on Monday’s closing price, and considered selling part of Parana state’s stake in the company as well as selling new shares.

The company said the deal was still subject to market conditions and was awaiting the definition of some conditions by the authorities, such as the minimum bid price set by the Parana State audit court.

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